Reno/Sparks Real Estate Market Update: January

A Look at the Trends and Numbers

Can you believe we are already a month into 2025?!?

January was a relatively slow month compared to previous months, but it wasn't as slow as it was this time last year. Let’s dive into the stats.

Median Sales Price

The median sales price for homes in our region saw a decrease of 5.7% from the previous month. However, there's a silver lining: the median sales price is up nearly 7% compared to January of last year. This indicates a year-over-year growth, suggesting that the market has recovered and even strengthened over the past twelve months even with interest rates still being somewhat elevated.

Closed Homes

In terms of closed homes, we experienced a decline. Only 288 homes were closed this January, as opposed to 349 in December. This slowdown is likely a seasonal trend, but it’s important to monitor how it evolves as we move further into the year.

Time to Contract

For those listing their homes, it’s now taking an average of 40 days to go into contract. This figure is crucial for sellers to manage their expectations and plan accordingly.

New Listings

On a more positive note, we had a significant influx of new listings. January saw 391 new listings hit the market, which is an impressive 73% increase from December. This surge in new listings was absolutely necessary to get us closer to that “balanced market” I’m always talking about as well as provide more options for buyers.

Inventory and Supply

With the addition of new listings, our months' supply of inventory rose to 2.3. This wasn’t a huge increase by any means, but it is a sign that we are headed in the right direction. By the end of January, we had 676 available single-family homes on the market. While this is a good start, we hope to see this number rise over the next couple of months to ensure a healthy and competitive market.

Looking Ahead

As we continue through the year, it will be interesting to see how these trends play out. The increase in new listings and inventory supply is a promising sign for the market's health. Sellers should be encouraged by the year-over-year price growth, while buyers can take advantage of the increased inventory.

Stay tuned for more updates as we keep a close eye on the Reno/Sparks real estate market. Here's to a prosperous year in real estate for everyone involved!